Zephyr Minerals Ltd. announced a non-brokered private placement of 4,000,000 units at a price of CAD 0.09 per unit for gross proceeds of up to CAD 360,000 on July 26, 2023. Each unit consists of one common share and one whole common share purchase warrant of the company. Each warrant will be exercisable to purchase one common share of the company for CAD 0.13 for a period of twelve months from the closing date.

The expiry date of the warrants may be accelerated by Zephyr at any time if the volume-weighted average trading price of the common shares is greater than or equal to CAD 0.26 for any 20 consecutive trading days. In connection with the transaction, a finder's fee may be paid consisting of a cash commission equal to 7% of the gross proceeds raised under the transaction and that number of non transferable finder's fee warrants as is equal to 7% of the number of shares. Each finder's fee warrant will be exercisable into one common share of the Company at CAD 0.13 per share, for a period of twelve months from the closing date.

The expiry date of the finder's warrants are also subject to the same acceleration clause as the unit warrants. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the transaction will be subject to a four month hold period.